Pinnacle Wealth Management Advisory Group LLC Acquires New Stake in Medtronic PLC (NYSE:MDT)

Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of Medtronic PLC (NYSE:MDT) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,762 shares of the medical technology company’s stock, valued at approximately $248,000.

A number of other large investors have also made changes to their positions in the stock. Burkett Financial Services LLC lifted its position in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after buying an additional 185 shares during the period. Wood Tarver Financial Group LLC purchased a new position in Medtronic during the fourth quarter worth about $27,000. Columbia River Financial Group LLC purchased a new position in Medtronic during the first quarter worth about $28,000. Optiver Holding B.V. purchased a new position in Medtronic during the fourth quarter worth about $31,000. Finally, Hughes Financial Services LLC purchased a new position in Medtronic during the first quarter worth about $32,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $92.48 on Wednesday. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 52-week low of $78.96 and a 52-week high of $96.25. The stock’s 50 day moving average is $87.26 and its two-hundred day moving average is $87.71. The company has a market capitalization of $118.61 billion, a PE ratio of 25.55, a P/E/G ratio of 2.39 and a beta of 0.80.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the previous year, the business earned $1.46 EPS. Medtronic’s revenue for the quarter was up 3.9% compared to the same quarter last year. Analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a dividend of $0.71 per share. The ex-dividend date was Friday, June 27th. This is an increase from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 3.07%. Medtronic’s payout ratio is currently 78.45%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MDT shares. Citigroup increased their target price on Medtronic from $98.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. Truist Financial reduced their price objective on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Robert W. Baird reduced their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Evercore ISI lifted their price objective on Medtronic from $103.00 to $106.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada reduced their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Eleven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Medtronic presently has a consensus rating of “Moderate Buy” and an average price target of $98.19.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.